EX-10.1 2 cdr-ex101_356.htm EX-10.1 cdr-ex101_356.htm

 

Exhibit 10.1

FOURTH AMENDED AND RESTATED LOAN AGREEMENT

Dated as of September 8, 2017

Among

CEDAR REALTY TRUST PARTNERSHIP, L.P.
as Borrower

THE LENDERS FROM TIME TO TIME PARTY HERETO

KEYBANK NATIONAL ASSOCIATION,
as Administrative Agent, L/C Issuer and Swing Line Lender

KEYBANC CAPITAL MARKETS,

and

Merrill Lynch, Pierce, Fenner & Smith Incorporated,
as Joint Lead Arrangers and Joint Bookrunners

BANK OF AMERICA, N.A.,

as Syndication Agent

MANUFACTURERS AND TRADERS TRUST COMPANY, CAPITAL ONE, NATIONAL ASSOCIATION and REGIONS BANK,

as Co-Documentation Agents

 

 


 

TABLE OF CONTENTS

 

i


 

 

 

 

 

 

 

 

 

Page

1.

 

DEFINITIONS.

 

1

 

 

1.1

 

 

 

Defined Terms.

 

1

 

 

1.2

 

 

 

Other Interpretive Provisions.

 

25

 

 

1.3

 

 

 

Accounting Terms.

 

26

 

 

1.4

 

 

 

Rounding.

 

26

 

 

1.5

 

 

 

Times of Day.

 

26

 

 

1.6

 

 

 

Letter of Credit Amounts.

 

26

2.

 

LOAN PROVISIONS.

 

27

 

 

2.1

 

General Loan Provisions.

 

27

 

 

 

 

2.1.1

 

Loans.

 

27

 

 

 

 

2.1.2

 

Procedures and Limits

 

28

 

 

 

 

2.1.3

 

Funding Procedures

 

29

 

 

2.2

 

Term of Loan.

 

29

 

 

 

 

2.2.1

 

Revolving Facility

 

29

 

 

 

 

2.2.2

 

Term Facility

 

30

 

 

 

 

2.2.3

 

Termination/Reduction of Revolving Commitments.

 

30

 

 

2.3

 

Interest Rate and Payment Terms

 

30

 

 

 

 

2.3.1

 

Borrower’s Options

 

31

 

 

 

 

2.3.2

 

Selection To Be Made

 

31

 

 

 

 

2.3.3

 

Notice

 

31

 

 

 

 

2.3.4

 

If No Notice

 

31

 

 

 

 

2.3.5

 

Telephonic Notice

 

31

 

 

 

 

2.3.6

 

Limits On Options

 

31

 

 

 

 

2.3.7

 

Payment and Calculation of Interest

 

31

 

 

 

 

2.3.8

 

Mandatory Principal Payments.

 

32

 

 

 

 

2.3.9

 

Prepayment

 

32

 

 

 

 

2.3.10

 

Maturity

 

32

 

 

 

 

2.3.11

 

Method of Payment; Date of Credit; Administrative Agent’s Clawback.

 

32

 

 

 

 

2.3.12

 

Billings

 

34

 

 

 

 

2.3.13

 

Default Rate.

 

34

 

 

 

 

2.3.14

 

Late Charges

 

34

 

 

 

 

2.3.15

 

Breakage Fee

 

34

 

 

 

 

2.3.16

 

Borrower Information

 

34

 

 

2.4

 

Loan Fees.

 

35

 

 

 

 

2.4.1

 

Loan Fees

 

35

 

 

 

 

2.4.2

 

Unused Fee

 

35

 

 

 

 

2.4.3

 

Payment of Fees Generally

 

35

 

 

2.5

 

Swing Line Loans.

 

35

 

 

 

 

2.5.1

 

The Swing Line

 

35

 

 

 

 

2.5.2

 

Borrowing Procedures

 

35

 

 

 

 

2.5.3

 

Refinancing of Swing Line Loans.

 

36

 

 

 

 

2.5.4

 

Repayment of Participations.

 

37

 

 

 

 

2.5.5

 

Interest for Account of Swing Line Lender

 

37

 

 

 

 

2.5.6

 

Payments Directly to Swing Line Lender

 

37

 

 

 

 

2.5.7

 

Swing Line Note

 

37

 

 

2.6

 

Additional Provisions Related to Interest Rate Selection.

 

37

 

 

 

 

2.6.1

 

Increased Costs

 

37

 

 

 

 

2.6.2

 

Capital Requirements

 

38

 

 

 

 

2.6.3

 

Illegality

 

38

 

 

 

 

2.6.4

 

Availability

 

38

 

 

 

 

2.6.5

 

Base Rate Advances

 

39

ii


 

 

 

 

 

2.6.6

 

Delay in Requests

 

39

 

 

 

 

2.6.7

 

Mitigation.

 

39

 

 

 

 

2.6.8

 

Survival

 

39

 

 

 

 

2.6.9

 

Taxes

 

39

 

 

2.7

 

Letters of Credit.

 

39

 

 

 

 

2.7.1

 

The Letter of Credit Commitment.

 

39

 

 

 

 

2.7.2

 

Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

41

 

 

 

 

2.7.3

 

Drawings and Reimbursements; Funding of Participations.

 

43

 

 

 

 

2.7.4

 

Repayment of Participations.

 

44

 

 

 

 

2.7.5

 

Obligations Absolute

 

44

 

 

 

 

2.7.6

 

Role of L/C Issuer

 

45

 

 

 

 

2.7.7

 

Cash Collateral

 

45

 

 

 

 

2.7.8

 

Applicability of ISP

 

46

 

 

 

 

2.7.9

 

Letter of Credit Fees

 

46

 

 

 

 

2.7.10

 

Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer

 

46

 

 

 

 

2.7.11

 

Conflict with Issuer Documents

 

46

 

 

 

 

2.7.12

 

Letters of Credit Issued for Borrower Subsidiaries

 

46

 

 

 

 

2.7.13

 

Amount

 

46

 

 

2.8

 

Taxes.

 

47

 

 

 

 

2.8.1

 

Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

47

 

 

 

 

2.8.2

 

Payment of Other Taxes by the Borrower

 

47

 

 

 

 

2.8.3

 

Tax Indemnifications.

 

47

 

 

 

 

2.8.4

 

Evidence of Payments

 

48

 

 

 

 

2.8.5

 

Status of Lenders; Tax Documentation.

 

48

 

 

 

 

2.8.6

 

Treatment of Certain Refunds

 

50

 

 

2.9

 

Defaulting Lenders.

 

50

 

 

 

 

2.9.1

 

Adjustments

 

50

 

 

 

 

2.9.2

 

Defaulting Lender Cure

 

51

3.

 

 

 

BORROWING BASE PROPERTIES.

 

52

 

 

3.1

 

Loan Documents

 

52

 

 

3.2

 

Removal of Individual Property as a Borrowing Base Property - Borrower

 

52

 

 

 

 

3.2.1

 

Borrowing Base Compliance

 

52

 

 

 

 

3.2.2

 

Financial Covenant Compliance

 

52

 

 

 

 

3.2.3

 

No Default Upon Release

 

52

 

 

 

 

3.2.4

 

No Default Prior to Release

 

52

 

 

 

 

3.2.5

 

[Reserved].

 

52

 

 

 

 

3.2.6

 

Payment of Fees

 

52

 

 

3.3

 

Removal of Individual Property as a Borrowing Base Property - Administrative Agent.

 

53

 

 

 

 

3.3.1

 

Removal Criteria

 

53

 

 

 

 

3.3.2

 

[Reserved].

 

53

 

 

 

 

3.3.3

 

Release by Administrative Agent

 

53

 

 

3.4

 

Additional Borrowing Base Property

 

53

4.

 

CONTINUING AUTHORITY OF AUTHORIZED OFFICERS.

 

54

5.

 

CONDITIONS PRECEDENT.

 

54

 

 

5.1

 

Closing Loan and Funding Initial Loan Advance

 

54

 

 

 

 

5.1.1

 

Satisfactory Loan Documents

 

54

 

 

 

 

5.1.2

 

Financial Information; No Material Change.

 

54

 

 

 

 

5.1.3

 

Representations and Warranties Accurate

 

55

 

 

 

 

5.1.4

 

Lien Searches

 

55

 

 

 

 

5.1.5

 

Litigation

 

55

 

 

 

 

5.1.6

 

Formation Documents and Entity Agreements

 

55

iii


 

 

 

 

 

5.1.7

 

Compliance With Laws

 

55

 

 

 

 

5.1.8

 

Compliance With Financial Covenants

 

55

 

 

 

 

5.1.9

 

Borrowing Base Property Due Diligence

 

56

 

 

 

 

5.1.10

 

Condition of Property

 

56

 

 

 

 

5.1.11

 

Third Party Consents and Agreements

 

56

 

 

 

 

5.1.12

 

Legal and other Opinions

 

56

 

 

 

 

5.1.13

 

No Default

 

56

 

 

5.2

 

Conditions to all Credit Extensions

 

56

 

 

 

 

5.2.1

 

Financial Covenant Compliance

 

56

 

 

 

 

5.2.2

 

No Default

 

56

 

 

 

 

5.2.3

 

Loan Notice

 

56

6.

 

REPRESENTATIONS AND WARRANTIES.

 

57

 

 

6.1

 

Formation

 

57

 

 

6.2

 

Proceedings; Enforceability

 

57

 

 

6.3

 

Conflicts

 

57

 

 

6.4

 

Ownership and Taxpayer Identification Numbers

 

57

 

 

6.5

 

Litigation

 

57

 

 

6.6

 

Information

 

57

 

 

6.7

 

Taxes

 

58

 

 

6.8

 

Financial Information

 

58

 

 

6.9

 

Control Provisions

 

58

 

 

6.10

 

Formation Documents

 

58

 

 

6.11

 

Bankruptcy Filings

 

58

 

 

6.12

 

Investment Company

 

58

 

 

6.13

 

[Reserved].

 

58

 

 

6.14

 

Borrowing Base Properties.

 

58

 

 

 

 

6.14.1

 

Licenses and Permits

 

58

 

 

 

 

6.14.2

 

Ownership

 

59

 

 

 

 

6.14.3

 

Environmental Matters

 

59

 

 

 

 

6.14.4

 

Leases

 

59

 

 

 

 

6.14.5

 

Ground Lease

 

59

 

 

 

 

6.14.6

 

Casualty/Condemnation

 

60

 

 

 

 

6.14.7

 

Property Condition

 

60

 

 

6.15

 

Margin Regulations; Use of Proceeds

 

60

 

 

6.16

 

Insurance

 

60

 

 

6.17

 

Deferred Compensation and ERISA

 

60

 

 

6.18

 

Anti-Corruption; OFAC; Designated Jurisdictions

 

60

 

 

 

 

6.18.1

 

Anti-Corruption

 

60

 

 

 

 

6.18.2

 

OFAC; Designated Jurisdictions

 

60

 

 

6.19

 

No Default

 

60

 

 

6.20

 

Governmental Authorizations; Other Consents

 

61

 

 

6.21

 

Qualification as a REIT

 

61

 

 

6.22

 

Compliance with Laws

 

61

 

 

6.23

 

Property Matters.

 

61

 

 

 

 

6.23.1

 

Major Leases

 

61

 

 

 

 

6.23.2

 

Borrowing Base Properties

 

61

 

 

6.24

 

Solvency

 

61

 

 

6.25

 

Regarding Representations and Warranties

 

61

7.

 

AFFIRMATIVE COVENANTS.

 

62

 

 

7.1

 

Notices

 

62

 

 

7.2

 

Financial Statements; Reports; Officer’s Certificates

 

62

 

 

 

 

7.2.1

 

Annual Statements

 

62

iv


 

 

 

 

 

7.2.2

 

Periodic Statements

 

62

 

 

 

 

7.2.3

 

Borrowing Base Property Reports

 

63

 

 

 

 

7.2.4

 

SEC Reports

 

63

 

 

 

 

7.2.5

 

Compliance Certificates

 

63

 

 

 

 

7.2.6

 

Data Requested

 

63

 

 

 

 

7.2.7

 

Tax Returns

 

63

 

 

 

 

7.2.8

 

[Reserved.]

 

63

 

 

 

 

7.2.9

 

[Reserved.]

 

63

 

 

 

 

7.2.10

 

Entity Notices

 

64

 

 

 

 

7.2.11

 

Property Acquisition or Sale

 

64

 

 

 

 

7.2.12

 

Property Finance

 

64

 

 

 

 

7.2.13

 

Notice of Litigation

 

64

 

 

7.3

 

Existence

 

65

 

 

7.4

 

Payment of Taxes

 

65

 

 

7.5

 

Insurance.

 

65

 

 

 

 

7.5.1

 

Insurance

 

65

 

 

 

 

7.5.2

 

Notice of Damage

 

65

 

 

7.6

 

Inspection

 

65

 

 

7.7

 

Loan Documents

 

65

 

 

7.8

 

Further Assurances

 

65

 

 

7.9

 

Books and Records

 

65

 

 

7.10

 

Business and Operations

 

66

 

 

7.11

 

Estoppel

 

66

 

 

7.12

 

ERISA

 

66

 

 

7.13

 

[Reserved].

 

67

 

 

7.14

 

Costs and Expenses

 

67

 

 

7.15

 

Indemnification

 

67

 

 

7.16

 

Intentionally Omitted.

 

67

 

 

7.17

 

Leverage Ratio

 

67

 

 

7.18

 

Fixed Charge Ratio

 

67

 

 

7.19

 

Net Worth

 

67

 

 

7.20

 

Secured Debt Ratio

 

67

 

 

7.21

 

Borrowing Base Property Covenants.

 

67

 

 

 

 

7.21.1

 

Occupancy Ratio

 

67

 

 

 

 

7.21.2

 

Retail Center

 

67

 

 

 

 

7.21.3

 

Business Strategy

 

67

 

 

 

 

7.21.4

 

Minimum Borrowing Base Properties

 

67

 

 

7.22

 

Variable Rate Debt

 

68

 

 

7.23

 

Replacement Documentation

 

68

 

 

7.24

 

Maintenance of REIT Status

 

68

 

 

7.25

 

The Lenders’ Consultants.

 

68

 

 

 

 

7.25.1

 

Right to Employ

 

68

 

 

 

 

7.25.2

 

Functions

 

68

 

 

 

 

7.25.3

 

Payment

 

68

 

 

 

 

7.25.4

 

Access

 

68

 

 

 

 

7.25.5

 

No Liability

 

68

 

 

7.26

 

Payment of Obligations

 

68

 

 

7.27

 

Compliance with Laws

 

68

8.

 

NEGATIVE COVENANTS.

 

69

 

 

8.1

 

No Changes to the Borrower and other Loan Parties

 

69

 

 

8.2

 

Restrictions on Liens

 

69

 

 

 

 

8.2.1

 

Permitted Debt

 

69

v


 

 

 

 

 

8.2.2

 

Tax Liens

 

69

 

 

 

 

8.2.3

 

Judgment Liens

 

69

 

 

 

 

8.2.4

 

Personal Property Liens

 

69

 

 

 

 

8.2.5

 

L/C Issuer/Swing Line Lenders Liens

 

70

 

 

 

 

8.2.6

 

Easements, etc

 

70

 

 

 

 

8.2.7

 

Title Matters

 

70

 

 

8.3

 

Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity

 

70

 

 

 

 

8.3.1

 

Transfers

 

70

 

 

 

 

8.3.2

 

Non-Loan Parties

 

70

 

 

 

 

8.3.3

 

Loan Parties

 

70

 

 

 

 

8.3.4

 

Borrowing Base Properties

 

70

 

 

 

 

8.3.5

 

Leases

 

70

 

 

 

 

8.3.6

 

Property Transfers

 

70

 

 

 

 

8.3.7

 

Ordinary Course

 

70

 

 

 

 

8.3.8

 

With Consent

 

70

 

 

 

 

8.3.9

 

Permitted Investments

 

71

 

 

 

 

8.3.10

 

Equity Issuances

 

71

 

 

 

 

8.3.11

 

Merger of Loan Parties

 

71

 

 

 

 

8.3.12

 

Cedar-Riverview

 

71

 

 

 

 

8.3.13

 

Cedar-Revere

 

71

 

 

8.4

 

Restrictions on Debt

 

71

 

 

 

 

8.4.1

 

Debt under this Agreement

 

71

 

 

 

 

8.4.2

 

Unsecured Debt

 

71

 

 

 

 

8.4.3

 

Individual Property Debt

 

71

 

 

 

 

8.4.4

 

Nonrecourse Debt

 

71

 

 

 

 

8.4.5

 

Ordinary Course

 

71

 

 

 

 

8.4.6

 

Capital Leases

 

71

 

 

 

 

8.4.7

 

Cross-Collateralized Debt

 

71

 

 

 

 

8.4.8

 

Other Unsecured Debt

 

71

 

 

 

 

8.4.9

 

Other Debt

 

72

 

 

8.5

 

Other Business

 

72

 

 

8.6

 

Change of Control

 

72

 

 

8.7

 

Forgiveness of Debt

 

72

 

 

8.8

 

Affiliate Transactions

 

72

 

 

8.9

 

ERISA

 

72

 

 

8.10

 

Bankruptcy Filings

 

72

 

 

8.11

 

Investment Company

 

72

 

 

8.12

 

[Reserved].

 

72

 

 

8.13

 

Use of Proceeds

 

72

 

 

8.14

 

Distributions

 

72

 

 

8.15

 

Restrictions on Investments

 

72

 

 

8.16

 

Negative Pledges, Etc.

 

73

 

 

8.17

 

Swap Contracts

 

73

9.

 

 

 

SPECIAL PROVISIONS.

 

73

 

 

9.1

 

Legal Requirements

 

73

 

 

9.2

 

Limited Recourse Provisions.

 

73

 

 

 

 

9.2.1

 

Borrower Fully Liable

 

73

 

 

 

 

9.2.2

 

Certain Non-Recourse

 

73

 

 

 

 

9.2.3

 

Additional Matters

 

74

 

 

9.3

 

Payment of Obligations

 

74

10.

 

EVENTS OF DEFAULT.

 

74

 

 

10.1

 

Default and Events of Default

 

74

vi


 

 

 

 

 

10.1.1

 

Failure to Pay the Loan

 

74

 

 

 

 

10.1.2

 

Failure to Make Other Payments

 

74

 

 

 

 

10.1.3

 

Loan Documents

 

74

 

 

 

 

10.1.4

 

Default under Other Agreements

 

74

 

 

 

 

10.1.5

 

Representations and Warranties

 

75

 

 

 

 

10.1.6

 

Affirmative Covenants

 

75

 

 

 

 

10.1.7

 

Negative Covenants

 

75

 

 

 

 

10.1.8

 

Financial Status and Insolvency

 

75

 

 

 

 

10.1.9

 

Loan Documents

 

75

 

 

 

 

10.1.10

 

Judgments

 

75

 

 

 

 

10.1.11

 

ERISA

 

76

 

 

 

 

10.1.12

 

Change of Control

 

76

 

 

 

 

10.1.13

 

Indictment; Forfeiture

 

76

 

 

 

 

10.1.14

 

Generally

 

76

 

 

10.2

 

Grace Periods and Notice

 

76

 

 

 

 

10.2.1

 

No Notice or Grace Period

 

76

 

 

 

 

10.2.2

 

Nonpayment of Interest

 

76

 

 

 

 

10.2.3

 

Other Monetary Defaults

 

76

 

 

 

 

10.2.4

 

Nonmonetary Defaults Capable of Cure

 

76

 

 

 

 

10.2.5

 

Borrowing Base Property Defaults

 

77

11.

 

REMEDIES.

 

77

 

 

11.1

 

Remedies

 

77

 

 

 

 

11.1.1

 

Accelerate Debt

 

77

 

 

 

 

11.1.2

 

Collateralize Letters of Credit

 

77

 

 

 

 

11.1.3

 

Pursue Remedies

 

77

 

 

11.2

 

Distribution of Liquidation Proceeds

 

77

 

 

11.3

 

Power of Attorney

 

78

12.

 

SECURITY INTEREST AND SET-OFF.

 

78

 

 

12.1

 

Security Interest

 

78

 

 

12.2

 

Set-Off/Sharing of Payments

 

78

 

 

12.3

 

Right to Freeze

 

79

 

 

12.4

 

Additional Rights

 

79

13.

 

THE ADMINISTRATIVE AGENT AND THE LENDERS.

 

79

 

 

13.1

 

Rights, Duties and Immunities of the Administrative Agent.

 

79

 

 

 

 

13.1.1

 

Appointment of Administrative Agent

 

79

 

 

 

 

13.1.2

 

No Other Duties, Etc.

 

79

 

 

 

 

13.1.3

 

Delegation of Duties

 

79

 

 

 

 

13.1.4

 

Exculpatory Provisions.

 

80

 

 

 

 

13.1.5

 

Reliance by Administrative Agent

 

80

 

 

 

 

13.1.6

 

Notice of Default

 

81

 

 

 

 

13.1.7

 

Lenders’ Credit Decisions

 

81

 

 

 

 

13.1.8

 

Administrative Agent’s Reimbursement and Indemnification

 

81

 

 

 

 

13.1.9

 

Administrative Agent in its Individual Capacity

 

81

 

 

 

 

13.1.10

 

Successor Administrative Agent

 

81

 

 

 

 

13.1.11

 

Administrative Agent May File Proofs of Claim

 

82

 

 

 

 

13.1.12

 

Guaranty Matters

 

83

 

 

13.2

 

Respecting Loans and Payments.

 

83

 

 

 

 

13.2.1

 

Adjustments

 

83

 

 

 

 

13.2.2

 

Setoff

 

83

 

 

 

 

13.2.3

 

Distribution by the Administrative Agent

 

83

 

 

 

 

13.2.4

 

Removal or Replacement of a Lender

 

83

 

 

 

 

13.2.5

 

Holders

 

84

vii


 

 

 

13.3

 

Assignments by Lenders.

 

84

 

 

 

 

13.3.1

 

Successors and Assigns Generally

 

84

 

 

 

 

13.3.2

 

Assignments by Lenders

 

84

 

 

 

 

13.3.3

 

Register

 

86

 

 

 

 

13.3.4

 

Participations

 

86

 

 

 

 

13.3.5

 

Limitations upon Participant Rights

 

87

 

 

 

 

13.3.6

 

Certain Pledges

 

87

 

 

 

 

13.3.7

 

Resignation as L/C Issuer and Swing Line Lender after Assignment

 

87

 

 

13.4

 

Administrative Matters.

 

87

 

 

 

 

13.4.1

 

Amendment, Waiver, Consent, Etc.

 

87

 

 

 

 

13.4.2

 

Deemed Consent or Approval

 

88

14.

 

RESERVED.

 

89

15.

 

GENERAL PROVISIONS.

 

89

 

 

15.1

 

Notices.

 

89

 

 

15.2

 

Interest Rate Limitation

 

91

 

 

15.3

 

[Reserved].

 

91

 

 

15.4

 

[Reserved].

 

91

 

 

15.5

 

Parties Bound

 

91

 

 

15.6

 

Governing Law; Consent to Jurisdiction; Mutual Waiver of Jury Trial.

 

91

 

 

 

 

15.6.1

 

GOVERNING LAW

 

91

 

 

 

 

15.6.2

 

SUBMISSION TO JURISDICTION

 

91

 

 

 

 

15.6.3

 

WAIVER OF VENUE

 

92

 

 

 

 

15.6.4

 

SERVICE OF PROCESS

 

92

 

 

 

 

15.6.5

 

WAIVER OF JURY TRIAL

 

92

 

 

15.7

 

Survival

 

92

 

 

15.8

 

Cumulative Rights

 

92

 

 

15.9

 

Expenses; Indemnity; Damage Waiver.

 

92

 

 

 

 

15.9.1

 

Costs and Expenses

 

92

 

 

 

 

15.9.2

 

Indemnification by the Borrower

 

93